UPDATE: Canaccord Genuity Downgrades Acuity Brands on Valuation
In a report published on Monday, Canaccord Genuity analyst Jonathan Dorsheimer downgraded Acuity Brands (NYSE: AYI) from Buy to Hold and maintained a price target of $78.00.
In the report, Canaccord Genuity noted, "Our model is already factoring in a reasonable amount of TAM expansion, share gains and the operational performance (leverage) described above, limiting further upside to numbers. With limited upside we do not see much more room for fundamental multiple expansion; however, we do recognize that".
Acuity Brands closed on Monday at $84.40.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.